Obama Ad: McCain Protecting CEOs' Bermuda Tax Shelter

Hitting on economic and pocketbook themes, Barack Obama is out with a new ad today accusing John McCain of supporting tax breaks for businesses that operate in the shelter of Bermuda.

"It's more than just a vacation destination for John McCain," the ad says of the island. "McCain went to Bermuda... and while he was there pledged to protect tax breaks for American corporations that hide their profits offshore. And grateful insurance company executives and their lobbyists who benefit from the tax scheme gave McCain $50,000. John McCain. He took a vacation, and so much more. And we get more of the same."

The spot, titled "Destination," is replete with shots of the beautiful beach coast and island music. But the message is driven home more by the news that surrounds the ad's release -- mainly, the crumbling economic situation that has voters worried about jobs, economics, and budgets. The evidence that McCain actually supports keeping Bermuda open as a tax shelter for business is an article from The Royal Gazette, the island's paper, which reported that the Arizona Republican "pledged to protect Bermuda's international businesses if he is successful in his White House bid."

There are few, if any, additional articles indicating McCain's support for Bermuda's tax shelter status.

UPDATE: McCain's camp responds...

"Barack Obama's ad cleverly ignores two key facts: his own campaign headquarters is provided by a company based in Bermuda, and is guilty of the very same off-shore benefits he's attacking. Whether he is opposing additional oil drilling while decrying high gas prices or blasting earmarks despite his requests for a billion dollars in pork barrel spending for his home state, Barack Obama has a stronger record of hypocrisy than he does making change in Washington." ---Tucker Bounds, spokesman McCain-Palin 2008

Comments

[lilsongbird101]

Regarding the "Update" at the end of the article above, isn't it just like McCain to try and drag Obama down in the mud with him! He does this "often"... by trying to say Obama lied (and we are supposed to believe that from a proven and repeated lier himself) or that he has done the same thing's that McCain has done in this campaign and it's real bologna, pork and all. McCain is so desperate to pull Obama down with him so that he can try to make Obama look as bad as he already does and has it not been clear that McCain has been trying all along to "steal" Obama's real change mantle? In my opinion, John McCain would do anything to win this election... lie, cheat & steal to win it. I'm to the point, I don't believe anything John McCain says, nor do I trust anything he does.

[bda]

As quoted in The Royal Gazette this morning (09/24/2008), Bermudian Premier Ewart Brown reminds us that, "It was our insurance and reinsurance industry that was able to pay claims in the wake of September 11th, when other insurance firms could not. And, it is thanks to Bermuda that struggling home-owners in America's coastal communities, like the Gulf Coast, can keep their insurance premiums from rapidly escalating."

I am very interested to hear what the economic advisors have to say about these attacks i.e. how the American economy will be negatively affected should they continue...

[bda]

"Bermuda does not levy income tax on foreign earnings, and allows foreign companies to incorporate there under an "exempt" status. Exempt companies may not hold real estate in Bermuda or trade there, nor may they be involved in banking, insurance, assurance, reinsurance, fund management or similar business, such as investment advice, without a license. The island also maintains a stable, clean reputation in the business world. " Wikipedia.orgg)

Bermuda is not a tax haven.

[emmaspeaks]

kind of up beat with the Caribbean music. Fun to point out what a crook he is. I like it. Not so dark and dismal, but entertaining...makes you want to hear it again.

[egal]

Just when it seemed like even Tucker Bounds couldn't be more hypocritical, ignorant, and deluded....

[Gary47]

Keep the ads coming and let Tucker play defense. That's right where we want them - responding to our game and our message. It's nice to see the Obama camp firing away relentlessly, even while he's doing his debate rehearsal.

[emmaspeaks]

no one hears tucker, they see the ad.

[peter777]

The Republicans are afraid they are going to lose their entitlements- offshore tax breaks, tax loopholes, bailouts by the government, 6 year wars on a regular basis for war contractors, additional tax breaks for the rich, lower corporate tax rate, punitive bankruptcy laws for the common folk, and on and on it goes. They do not deserve to be in power any longer. John McCain is just more of the same and the same people. I will take Obama with less experience, but more intelligence and integrity any day. Also, McCain clearly has neither the temperament not the intelligence to be president.

[chitown8]

I say place this with that corrupt actor boyfriend and Rick Davis that the nation had on Rachel showw a few weeks backs.

[chitown8]

Here you go!

http://www.thenation.com/doc/20080929/berman_ames

[Grace0727]

Go get'm!

[majorteddy]

McCain and his bunch are just an extension of all the crooks that are in the Bush administration. Bush people are running his campaign.

[1differentdrummer]

Bush people or Bush handlers?

[bearcat92]

Maybe this is just the beginning of a series of island based commercials. First this one and then the ad mentioning the trips to Charles Keating Jr.'s (of the Keating 5 fame) home in the Bahamas.

[unscum]

Attack ads do work.

[welcome]

I really don't understand the idiots who is making these Obama add. They are off message, no punch lnes. Nothing to remember at the end of it. Waste of money. Obama Campagin need to hire some one who can make very effective adds. I am disappointed he is wasting my donations for these stupidity

[timinhi]

"I really don't understand the idiots who is (sic) making these Obama add (sic). They are off message, no punch lnes. Nothing to remember at the end of it. Waste of money. Obama Campagin (sic) need (sic) to hire some one (sic) who can make very effective adds(sic). I am disappointed he is wasting my donations for these (sic) stupidity"

Wow. That's impressive. Perhaps he should hire YOU.

[NewportJoey]

Now this cracked me up!!!!!

[emmaspeaks]

the music makes it fun, wanting to hear it over and over. and then you remember John McCain and the islands, and that he is helping corp america hide money there. I think it works great.

[hangdogit]

Do an Ad about McCain's fits and irrational temper (e.g., fire the SEC head). The George Will piece has great quotes about McCain.

[shelsay]

The ad wasn't that great. It was disconnected. He needs to just string all the idiotic things McSame said in the last week together. It would be more effective, relevant, and prove how truly dangerous it would be for our country to elect McSame as the POTUS.

[twiggy2]

the issues are:

palin is being investigated for abuse of power .

she and her husband have violated court ordered subpoena's

mccain is obstructing justice, by interfering in the investigation.

isn't this illegal? i am 100% certain if barak obama's vp had done the same, he would not be the nominee, would he?

they are not allowing reporters to ask unscripted questions.

they are denying reporters access to her foreign policy improv's.

is the mccain palin ticket above the law?

have they rewritten the rules as we watch?

are they setting in motion the new standard for the press in the mccain /palin regime?

how far will they go?

what is next ?